Co-opbank Pertama was recognised as the first cooperative bank in Malaysia when it received its license from Bank Negara in 2014. It is the only cooperative bank among 14,000 cooperatives in the country, operating under dual regulation, which makes it a unique institution in the Malaysian cooperative banking sector.
Co-opbank Pertama (CBP) in Malaysia offers a range of financing schemes tailored to meet the needs of both government and private sector employees. Here are the details regarding their loan services in Malaysia:
Personal Financing
- i-Lestari Personal Financing: This loan scheme allows financing up to RM200,000 with a tenure of up to 10 years. The financing is based on the concept of Tawarruq and offers a profit rate as low as 3.45% per annum.
- Personal Financing-i Al Yasser: This scheme offers financing up to RM400,000 with instant withdrawal facility. The specifics regarding the tenure and profit rate weren’t available, but this scheme is also part of the personal financing offerings by Co-opbank Pertama.
- 2023 CBP Personal Financing-i Al Yasser: This scheme, as listed on iMoney, has a minimum financing amount of RM5,000 and a maximum financing amount of RM200,000 with a minimum financing tenure of 1 year. The total profit rate is mentioned as 2.31% p.a.
Home Financing
- Home Financing-i Al-Amali: This financing scheme provides Takaful (Islamic insurance) coverage based on the financing amount and tenure. For financing amounts less than RM300,000, 100% coverage is provided for the full financing tenure. For financing amounts between RM300,001 to RM500,000, a minimum of 70% coverage is provided for the full financing tenure, and for financing amounts between RM500,001 to RM1,000,000, 70% coverage is provided for a minimum protection period of 10 years.
These loan services are designed to provide financial support to individuals in need while adhering to Shariah-compliant practices, reflecting Co-opbank Pertama’s commitment to providing ethical financing solutions in Malaysia.